JPMorgan Loss Highlights Need for Financial Reform, Geithner Says

WASHINGTON — Treasury Secretary Tim Geithner said Tuesday that the $2 billion trading loss at JPMorgan Chase makes a "powerful case" for the financial reforms being implemented under the Dodd-Frank Act.

Speaking at the Peterson Foundation's Fiscal Summit in Washington, Geithner said the JPMorgan loss was one of four serious tests of the financial system since the crisis, including the financial shock from Europe, the collapse of MF Global and the debt limit showdown and subsequent credit rating downgrade.